Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Samsung
OnePlus
Realme
iQOO
Latest Mobile Phones
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Technology News / Want to mine Bitcoins at home? Here's a step-by-step guide
Technology

Want to mine Bitcoins at home? Here's a step-by-step guide

Want to mine Bitcoins at home? Here's a step-by-step guide
Written by Shubham Sharma
Feb 10, 2019, 05:26 pm 4 min read
Want to mine Bitcoins at home? Here's a step-by-step guide

Over the years, cryptocurrency mining has evolved as a hot topic in the world of digital currencies. It allows people to get hold of cryptocurrencies like Bitcoin without actually buying them. However, even today, mining is one of the most volatile aspects of the crypto-world; it comes with its own caveats and might not prove profitable every time. Here's how you can mine Bitcoins.

Details
First up, what happens in cryptocurrency mining?

Cryptocurrency mining is the process of verifying crypto transactions and adding them into blockchain ledger. In order to successfully mine/authorize a cryptocurrency transaction, you'd have to compete with others and perform complex calculations on blocks containing transaction data - which requires huge processing power. However, once the work is done, you'll be rewarded with a certain amount of Bitcoin or the currency in question.

Facts
Mining Bitcoins at home: Things to remember

If you want to earn rewards by mining Bitcoins, you should know that the process would take a toll on your machine. Basically, the processing power of a computer defines hash rate or mining speed and directly impacts profits. So, if your computer is not well-equipped with a powerful processor and GPU, the mining would be slow and you will not make enough Bitcoins.

Information
Some people attach dedicated crypto-miners to their machines

To tackle hardware problems, you may also attach an application-specific integrated circuit (ASIC) to your computer and upgrade its processing power for the job of mining. However, it will add to the cost of running your own personal Bitcoin miner.

Added factors
Also, the running costs will impact revenue

Along with hardware requirements, you'd also have to bear the operational cost of running a home-based Bitcoin miner. This would include electricity charges, which are likely to increase when you'll mine Bitcoins, and the cost of keeping an always-active internet connection. Also, you'd need a fan or dedicated cooling device for the PC as it might overheat during the mining process.

Step #1
Pick a digital wallet

Once you've arranged appropriate hardware (either through GPU or ASIC), you'd have to setup a digital wallet to store Bitcoin rewards. If you want to keep the Bitcoins as an investment, create a 'paper' wallet using a website like Bitcoin Paper Wallet Generator otherwise go to Electrum wallet for regular payouts Electrum has to be installed and it works on all platforms, including Android.

Step #2
Pick a mining pool

Next, head over Bitcoin wiki and find a mining pool to join. As the name suggests, a mining pool is a group of machines connected together for mining bitcoins. It will bolster your profit-making chances, but do note that the rewards earned through pooling would be shared with every member who contributed in the joint effort.

Step #3
Create account, provide payout details

Once you've found a mining pool (Slush Pool is a popular choice), create an account on its website using your email and password. Then, verify the account and enter payout details or the public wallet address on which you'll be receiving the money made through Bitcoin mining. Make sure to check if the pool has any minimum Bitcoin restrictions for cashing out rewards.

Step #4
Now, download a mining software

After prepping the wallet and joining the mining pool, install a legit Bitcoin mining software on your PC, like GUIMiner. Launch the program, select the pool that you've joined from the server option, and enter the username and password for it. Now, select your GPU from the device menu and click the 'start mining' button to begin the crypto-mining process.

Step #5
After this, the software will start mining Bitcoins

Once you start the process, the mining software will communicate with servers of the pool to collaborate your machine's mining effort with that of others on the pool. You'll be able to see the hash rate at the bottom of the page and use it calculate how many Bitcoins your machine may mine on a single day.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Shubham Sharma
Shubham Sharma
Twitter
Editor with over five years of experience in covering all things science, consumer tech, space tech, AI, infosec, and business. A commerce graduate from University of Lucknow. I have been handling Tech beat at NewsBytes since 2018.
Latest
Bitcoin
Related
Latest
IPL 2022, DC breeze past PBKS: List of records broken
IPL 2022, DC breeze past PBKS: List of records broken Sports
INS Vagsheer launched today, sixth Scorpene-class submarine in India
INS Vagsheer launched today, sixth Scorpene-class submarine in India India
West Indies all-rounder Kieron Pollard retires from international cricket
West Indies all-rounder Kieron Pollard retires from international cricket Sports
Don't think current COVID-19 surge is fourth wave: ICMR ex-head
Don't think current COVID-19 surge is fourth wave: ICMR ex-head India
Virat Kohli completes 100 matches without a century: Key stats
Virat Kohli completes 100 matches without a century: Key stats Sports
Bitcoin
Narendra Modi's Twitter account 'briefly compromised,' shares cryptocurrency scam link
Narendra Modi's Twitter account 'briefly compromised,' shares cryptocurrency scam link Politics
No proposal to recognize Bitcoin: Finance Ministry tells Parliament
No proposal to recognize Bitcoin: Finance Ministry tells Parliament Business
How President Bukele wants to make 'Bitcoin City' a reality
How President Bukele wants to make 'Bitcoin City' a reality Technology
Crypto prices fall as India announces bill banning private cryptocurrencies
Crypto prices fall as India announces bill banning private cryptocurrencies Technology
Cryptocurrency in wrong hands can spoil youth, says PM Modi
Cryptocurrency in wrong hands can spoil youth, says PM Modi India
More News
Related
Tesla stops accepting Bitcoin as it is not environment-friendly
Tesla stops accepting Bitcoin as it is not environment-friendly Technology
Next News Article
Next News Article

Love Technology news?

Subscribe to stay updated.

Science Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022